liz: good afternoon, everybody. i am liz claman. it is the last hour of trading, this is "countdown to the closing bell." a sea of green on wall street. mostly, anyway. the dow was up for the first time this week. names like hewlett-packard up more than 2%. big oil bouncing back. up more than 1%, even with crude oil down again today. more on that in just a bit. we are just off of highs for the session up more than 80 points. this is not exactly how it looked early on. the dow down triple digits within the first hour of trading. here is the intraday picture. you can see no progress was being made, but right for you can see john boehner's head on

the chart, that word was optimistic about congress coming together on a budget deal and the buyers poured in. president obama took the mic about 19 minutes later the market hesitating at that point, the president said he wanted to get things done by christmas. and then the federal reserve look, it did not dim the hopes of the bulls. they talk about the economy standing at a measured pace with moderate consumer spending. optimistic and moderate to words they relate. the true standout today. costco with the one-time dividend taking the stock to new highs today. this has been a really beaten-down name up sharply, and coach is looking pretty fashionable as well.

look at gold colored one point it was down $35, it is losing some of the shine, oil taking a hit down to a one-week low, budget concerns on crude, and we will see right now what is going on with gold. let's see what they make of the midday reversal. closing higher, just one big year. this unique group and the nymex, this is pretty significant, isn't it? the politicians would open their mouth and the market rallies, that never happens. >> this is really a pretty good rally when you consider where we came from, this is a pretty good move. people are very optimistic maybe he is making true statements they will get something done. honestly the value is very anemic. they were placed in the week after, now we're kind of

headline driven the rest of the year. you will see dramatic moves like this since the end of the year. liz: we were both wondering, what is really going on here? if you look at the dollar against the dollar index, twisted and good early on, and then it fell. what would cause the $35 drop in gold? >> there is a surge in volume. to put that into weight, 24 metric ton of gold in 30 seconds. we saw the market break down pretty quickly. liz: 34 metric tons sold? >> 24 in 30 seconds. liz: gees. speaker that is amazing.

it came off the board yesterday. we came into the rollover, started triggering some stop orders, and this thing just fell out of bed. could it have been initial orders being put in there? possibly. liz: we heard me by accident trades. speak a lot of talk about initially, but it seems the cme said that wasn't the case whatsoever that it is possible they have left themselves in there and it already rolled the provision over. people that have kind of missed the move, a lot of worries about the fiscal cliff, the european sovereign debt crisis. we have some mideast tensions right now. gold at this level is very attractive. liz: we are also looking at oil, to see oil down a couple of dollars here, for example with

natural gas down a couple of percentage points. look over the january contract, but what is it like with energy when you don't have any meaningful weather except off on the west coast? >> the weather has been taking a backseat. you're really seeing the fluctuations based on what is going on with the equities and was going on on with the fiscal cliff. i think if things are not hammered out before christmas, there will be a big selloff in stocks, commodities, gold. wait and see what actually will happen. good that there is an optimistic outcome but until we actually see everything ironed out, the devils are the details. liz: $0.58 not a huge deal. these two words, in the morning using the word optimistic and president obama using the word

"christmas." and there it is. the drama that has become an intraday picture. we are up 72 points right now. >> that has been quite a move, i tell you. that is a huge swing in terms of what we would have thought would happen this morning. everyday is going to be a new day with these guys. harry reid was very pessimistic. this is a traitorous market, we will see a lot of volatility going to the end of the year. melissa: it is like a ping-pong match. thank you very much, and very interesting day right now we are glad everybody is watching this, focusing on the fact one sentence close the market around. voicing his optimism they could reach a deal with the white house and avoiddthe fiscal

cliff. looking at the oneesentence in that one word, optimism. >> that is right, with the president's remarks that he would like to see framework to avoid the fiscal cliff by christmas. sitting treasury debt up to capitol hill tomorrow to meet with congressional leaders, democrats and republicans. in the meantime the president keeping up the pressure on republicans from here to extend expiring tax cuts for middle-class taxpayers, but let them expire for wealthier taxpayers. take a listen. >> the place where we already have and three complete agreement right now is on middle-class taxes. as i have said before, we have two choices. if congress does nothing, every family in america will see the taxes automatically go up the

beginning of next year. >> as we have been reporting all day, the president set to meet with a bunch of ceos of major corporate leaders here that will probably start wondering about 90 minutes to get underway around 4:45 here at the white house, 14 of them showing up including the ceo of yahoo, merck, coca-cola, at&t and lloyd glenn fine of goldman sachs will be here as well. liz: in the end big multinationals, to be fascinating to hear they feel positive. i want to know the business leaders think. thank you so much. as congress and the president do their very slow discussion dance on this governors are sprinting around trying to prepare for enough ability that we could go over the fiscal cliff.

rhode island may be the small state in the union that could potentially be facing the worst pain if congress cannot make a deal because it is a massive one third of the budget funding. day three of the governors series. welcome, thank you for being here. >> thank you for having me on. liz: we want to hear from you guys because you are in a unique yet on every level position because of the federal funding. first off what are you doing to prepare? we are asking about if they are preparing one or two but is depending on what happened. >> we hope common sense prevails and we are working to push the commonsense forward and get an agreement certainly having optimism coming out of washington today is good news.

that is our first preference, to do the right thing down in washington inside the beltway and avoid the fiscal cliff. liz: he said we almost have to prepare to separate budgets. wanted to go over the cliff and one if we don't. do you guys have prepared $8.1 billion estate budget. what if we go over the fiscal cliff, does that stand where do we have to redo it? >> don't forget we have been through difficult time, all the states have since the crash of the fall of '08. we have had to address revenue, there is not much left to cut, this would just be devastating any further cuts, how much more to do with the department and the families.

very expensive with the state budget. there is not much left to cut. liz: you've got the second-highest unemploymensecone nation just behind event at 10.4%. now for people who don't understand, you guys get a lot of defense contracts because of general dynamics, lockheed martin working out of a state of long island. how many jobs would you lose if the sequestration hit and the cuts come in for defense? >> to be devastating on all levels. not only defense, especially in ourrstate, but all across all sectors would be devastating. how much more we can do, it is unfathomable at this point. they would have to address the fiscal cliff. just urging washington to do the

right thing whether it is simpson-bowles, john boehner and harry reid, everybody getting together. let's get on with it. liz: you got back from my plays were trying to lure jobs from a software company, any luck on that front? >> to have a strong presence in rhode island which they acquired in long island and we want them to stay and grow me very productive meeting face-to-face with the ceo of. that is always a good idea to have a face-to-face meeting. liz: i know we have to go, but quick question, are you preparing two separate budgets for the inevitability? >> of course.

those are the types of cuts we really cannot afford them. we have been through tough times in long island and across the country, of course the loss of the stimulus money when i came in we had a big deficit we had to overcome. having to get deeper into that whole would not be good for the economy. liz: thank you for joining us rea.we like our governors of evy state. he is an independent. if so many defense jobs. our governors on the edge week. utah governor in another fox business exclusive. they have a very low unemployment rate unlike rhode island, but he says it will be impacted if d.c. cannot reach an greement. the closing bell ringing in about 47 minutes.

would you do business in a dangerous area if you thought the risk might bring huge rewards? libya wants business in a huge way. we're not just talking about oil rigs and pipelines, but also massive infrastructure projects, roads, schools, you name it. part of the royal libyan family. he is back in his job is to sell libya on u.s. companies. find out what he thinks there is a big payoff for american businnss. a fox business exclusive. having you ship my gifts couldn't beasier.

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melissa: green mountain is percolating up more than 28% on monster volume. a great move, so it is our power mover of the day. i picked up a one-month chart, is pretty dramatic. treating the shorts like roadkill. 33% of the stock is short. a one-week picture, that is even more dramatic, but the shorts have been squeezed creating

tremendous time pressure especiallspecially when there is like earnings, fourth-quarter numbers beating estimates all apart to the new curate machine. it makes cappuccinos and lipase, if you get excited about this, let me pour coffee on your parade. do you believe there is no growth anywhere in the world? check out libya. as long as you can stomach geopolitical risks and worrisome headlines, the organization for economic ann cooperative developmencooperativedevelopmen% growth this year, 10% gdp for 2013. part of libya's royal family. they were exiled 42 years ago, and he is back trying to sell libya to the business community globally. he joins me now in a fox business exclusive.

good to have you on the show. >> i'm glad to hav see you agai. liz: this is the tough pitch. i want to know your pitch, how do you convince u.s. businesses this is a place to set up shop? >> benghazi is really looking to move forward right now economically, they put a lot of energy on infrastructure projects, business development and finance, they've allocated a budget $580 billion. they're looking for america part spits in libya. it is not whatsoever. love american companies have been ttere for over a year. they're looking to invest and

develop their country. liz: what american businesses are already there? some are not ready to make announcements, but what are they doing? >> i have seen a lot. i've seen the oil companies, some of the medical companies, high-tech firms, i am working with two american firms who i did not get their permission, but they have joined me, they're about to get a contract for construction and demining of the oil services. liz: i assume you mean mine removal. >> they have covered more than

1000 miles across libya and the company will come in and remove those explosives that they are around the oilfield and also in the border between egypt and libya and so forth. liz: let's do the low hanging fruit first. i know the oil companies gather to talk about contracts for 2013. they're back to prewar numbers, 1.6 million barrels per day. a lot of the infrastructure would get back up to that. >> yes, i did. liz: is it updating infrastructure, what would it be? >> libya right now really looking to develop the oil services, looking to develop

their oilfield, also upgrading refineries plenty more market for our high-quality oil. but also more so interested right now to develop, to bring the telecommunications from two g. to 3g. they're looking for infrastructure to do that. liz: you just said you're they'e looking for people to come do that. if i am a u.s. business, they're looking to lure companies, there isn't really a solid full of government yet, no constitution, what is the new leadership that comes in and changes everything and companies that struck a contract with one leadership group is all changed. >> i'm happy to announce we have elected very recently not even a

month a new prime minister, government in place right now. they're moving forward. these changes are already in place. they are ready now starting. they're already forming relationship with many different european and international institutions. things are coming in to train our banks and to be in a joint ventured with us to manage our fund in libya. >> thank you very much for joining us. moving permanently back to libya, his home country. the closing bell on 36 minutes. listen up, nobody wants to live in l.a. the l.a. auto show is huge and

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i love you, grandma! [ male announcer ] hana. ♪ >> if you ran a company and the stock was down 50% would you worry about your job? the ceo of groupon says i am not surprised people questioning that. nicole petallides looking at groupon and stock is on the move and sandra mason speaking at the insider conference. sandra: this is so interesting. as you noted this stock has been moving lower over the last few minutes. it has been lower all year long. it is down 80% this year.

how do you think the groupon shareholders feel about this? not too happy. the ceo himself saying i would be the first person to fire myself. he was speaking at a conference today, a technology conference and andrew mason said i would be the first person to fire myself. not to say he is ready to be fired but this is something when you are chief executive officer running a company that everybody has to consider. in knows the board of directors of looking closely into his -- into the company, top to bottom. they went public your ago, there's a great shot giving you an idea how this stock has traded. today is a wonderful day for groupon but what is the next step? the idea that media reports of the tech conference that there may be changes at the top? is this happening to groupon? we are seeing up arrows. >> the dow is up 95 points,

green on the screen, we are a session highs. the only names that are now, cisco, boeing, dupont, and what is that? travelers. that is it, up 95 points, less than 40 points away from 30 points away from down 13,000. the l.a. convention center is of motor head's dream today, the first auto show of the new model year and ford, a few new introductions. the incoming chief operating officer. >> as of saturday as a matter of fact, they do have a lot of introduction. that is a new souped up fiesta and if lands seized a green one there's a three solyndra fiesta and a lincoln exhibit and a transit connect to show you that people are more interested today in the introduction of mark fields than any of these

vehicles because he is the master of these vehicles, congratulations. saturday it becomes official. >> so honored to serve in this role. >> you have done a great job in the americas, you got to fix europe and street not far east and the rest. >> it is down to execution, we will get that going forward. >> let me ask about the economy and the fiscal cliff. are you making plans right now for ford to downside production if we get a serious problem? >> we have a process where we are looking at production so no matter what happens with a fiscal cliff is salt or not we will be able to react the -- >> doing anything in the short term? >> right now know. we are keeping the current strategy of keeping production in line with demand and we see something happening with the economy because of the fiscal cliff we will adjust the production either way. >> that is the fiesta that has how many cylinders?

>> it has a three cylinder, one liter engine that gets 123 horsepower and puts a smile on your face. >> is that enough cylinders? >> absolutely. it is interesting because in the past people use to define their cars by how big the displacement was in the engine and how many cylinders they have. to date is few economy and performance. >> you also have a souped up fiesta as well and in fairness, the sales have been disappointing. >> they are going according to plan. we now have the focus as well and last year only had the fiesta. >> work, competition yourself. >> we are growing our small plan business. >> we looking at the new transit connect than. i don't know what you would call was that this is for people, not industry. >> exactly. you can't categorize this vehicle. we have a really stylish alternative to a conventional minivan or people mover. we offered this in five and

seven passenger seats, a lot of comfort but look at this design. >> how many miles to the gallon? >> 30 mpg. >> run me over here. you are in better shape than i am. i want to see this. you are trying -- those jersey boys know how to run to get away from the cops. this is the lincoln exhibit, you are reinvigorating the lincoln brand and to do that come over here. this was elizabeth taylor's car built for her in the 50s. >> this is a piece of art and you are exactly right and what we're doing with the lincoln brandon terms of reinventing the for the twenty-first century is going back to the roots of having cars that have a design point of view and warmth you don't get with other vehicles. >> you are car guy? >> you got to love this business. if you don't love cars you shouldn't be in this business and love cars. >> he loves cars. he is in the business and the

sending to the top of a business. good jersey boy making good. we are proud of you. dagen: sunset boulevard, park avenue, cleveland, can you imagine? thank you. dow jones industrials up nearly one hundred points. how will this end? stay with us.

ashley: i am adam shapiro. stocks trade in positive

territory following optimistic comments from president obama and john boehner, fiscal cliff negotiations, and well point has received clearance from the justice department to move forward with its $4 billion purchase of rival health insurance company america group selling operations in virginia alleviating concern companies would have a monopoly in the northern part of the state to deal with the announcement in july. the proportion of student loan balances and delinquency means they aren't paid for 90 days. surpass that of credit cards in the third quarter, that is according to the federal reserve bank of new york. the financial crisis, student debt has risen 56% whereas other forms of debt credit are go -- on a mortgage declined 18%. we continue count down to the closing bell with liz claman. liz: breaking news. there may be another reason besides optimism coming out of john boehner's mouth about the

fiscal cliff discussions. the wall street journal for the past 14 minutes just ran a headline by john hiltonraff ho is an insider when it comes to federal reserve reports, the fed will announce q e 4, large-scale asset purchase of some sort adding liquidity to the system at their next fomc meeting which is december 12th, a two day meeting making the announcement the 12, indicating that the fed's monthly asset purchase of $85 billion will be unsterilized and generate much more money but in regular speak, the fed will be printing money and buying bondss according to wall street journal, it was up 101 points. charlie: the market is immune to the fed printing money. this is not a good move. i have my own story to do but the fed is doing duty for, printing more money, you buy

securities of the balance sheet, this is very bad for the economy. pushing on a string now. liz: let's get to the sec story. charlie: could you read this? the securities and exchange poised to follow -- [talking over each other] charlie: new questions emerging not just about where executives use inside information or profit on trades, but dino to police bad behavior. liz claman has latest headache for calling what many believe shutdown his $14 billion hedge fund. liz: charlie, lovely. it was a little vincent price h priceish. charlie: we try not to make fun of steve cohen but it is a possibility. it is a possibility -- here is

the thing. you have to go back to a 2011 lawsuit by fairfax financial who sued steve cohen saying they would emulating the stock a fairfax. the case is still open but he has been dropped from the case, steve cohen had to give a deposition, fascinating reading. i have read it. one of the more interesting quotes we should put on full screen because it is interesting about what he said. this is what the attorney -- your understanding of the rule is there are times when you are permitted to trade on the basis of material nonpublic information, i can't give you a yes or no answer. liz: hard enough not to perjure himself. charlie: sec capital announced in the conference call the sec staff filed a wells notice recommending charges against sec over insider trading and

compliance with what i can tell you government investigators believe and fairfax financial believed because there ii other stuff that steve cohen does not have compliance systems in place to basically monitor insider-trading, not whether he did it or not but what does that mean? if the full commission agrees with the staff and they usually do nine times out of ten and higher than that i heard 99% of the time they agree. if they do this, they are going to file charges, those charge of a likely to be civil fraud charges. liz: pull money out of the fund? charlie: if it is civil fraud charges that is the highest level of charges, that means it could be shut down, steve cohen could be thrown out of the business and preemptively you could see investors pull out and i could tell you this, i know for a fact people at sec capital are worried about that scenario

right now and before you are convicted the sec generally file a charge, you settle with them and if you don't settle with them they take it to an administrative judge and it seems to me they want the most onerous settlement. my view based on this is they don't think they might get him necessarily on the act of trading on insider pressure but the latest sort of domino in this whole thing of going after matthew marnehey, he shared inside tips with steve cohen, it is not clear if they were labelled inside tips but refused to cooperate and if he cooperates all bets are off. the justice department, criminal charges but if he doesn't what they're setting up a scenario where they shut the place down based on if it do is don't ask don't tell at this year. liz: he fainted when the fed were trying to get -- charlie: steve cohen in his deposition did not say we should point out sec believes the statement as always is done

everything appropriately. liz: deadline for redemption is in february so we will be watching. dow jones industrials now up 103 points. we have big moves in the last 17 minutes. we are coming right back. 20 more points. we are at 13,000.

liz: we need to head to the floor of the stock exchange. i just e-mail ben willis and said what is going on? the retail are part of the along with john boehner and president obama and the list goes on. >> there are some many facets to what we're seeing on wall street from washington to headlines.

let's hit the headlines, the retailers that are doing quite well here. when we talk about j.c. penney and the strategy, lately it has been doing well and today it is doing very well and one of the reasons is they're trying to get to be it up and get shopper is there a whole new way. what about juice bars? coffee shops? that is what the c penney is thinking about doing on the trend to add these for the holiday season. it looks like urban outfitters and the gap may step in and do the same thing. incorporating food and snacks getting shoppers and for expensive items. we know the other i upscale department stores have done this, you would know about a beautiful restaurant, bloomingdale's, another restaurant upstairs, this is a trend we are seeing, get some caffeine, shop some more.

>> the magnolia banana pudding, that is my favorite. we are alwaysseating here in the newsroom because magnolia is a block away. >> in the final minutes of trading, we are reaching the highs of the session, the latest to get an announcement about q e 4 in december. -on that, of more than one hundred points. look at the bigger picture. there's a tech stock that is the biggest gainer in the dow, and the biggest loser, cisco systems one of three stocks in the red, taking a look at the sector, looking at retail, one of the strengths, across the board, we have a lot of big names in the

green, that crude oil is moving lower and we were talking about stocks hitting highs of the session look what is happening to the commodities after the announcement, oil not been positive, making its highs of the session. you pop more money into the system, it devalued the dollar and tends to raise the price of lot of commodities. oil moving higher and gold trending to its highs of the session. looking at your biggest movers everything from costco, to let packard, clean mountain coffee, and lastly these retailers are hot today. american eagle up 7%, the holidays fixed it to be great, pricing below abercrombie and already seeing great sales and raised their full year outlook. >> i can't believe you didn't

mention radio shack. [talking over each other] cheryl: me and three other people. it is a couple of dollars a stock. closing bell ringing in seven minutes, shares of another apparel retailer in the very fast lane kicking into overdrive even though quarterly earnings were not too hot. find out whyyinvestors were piling in. i always wait until the last minute. can i still ship a gift in time r chrisas? yeah, sure you can. great. where's yr gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmadelivery.

he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into t marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. cheryl: highs of the session, you heard about retailers looking good. limited express, look at this, almost 9%, q3 earnings were

down. the forecast looks pretty good for the holiday season and they're joining the retail party. they're off of the 52 week high, a big drop in june. and try to make a go of it by 9%. about 106, let's start on "after the bell". dave: they're gambling downstairs in the lobby. a few hour of all line, $50 million. you can bet on this or that. liz: it is tough to see a return, it is a wild one today, the dow coming back from 113 point deficit. a lot of reasons for this but in the last couple minutes the traders, what are they saying? nicole: traders are talking about the fiscal cliff back-and-forth and you talk about another q e, talk about

tomorrow tim geithner and john boehner meeting, house speaker john boehner actually sounded very optimistic that a deal could be reached. dave: green mountain we saw signs when they came out with earnings yesterday. is roaring ahead up 20% at one point, twenty-seven%. nicole: what an exciting day for green mountain coffee roasters. a lot of people are short this stock and beat the street and gave an outlook that was better and a winner all the way around. dave: you don't want to get caught in your shorts whatever you do. nicole: right. right. liz: we are waiting on aerospatiale, that retail expected to post earnings minutes from now. that stock with other retailers got a decent pot of 7% today but this is the american eagle outfitters. what are we expecting? nicole: the retailers are and exciting bunch. here that american eagle up 7%. we have been watching these